Jakarta plans scripless trading by end of 1995

Jakarta plans scripless trading by end of 1995

JAKARTA (JP): The Jakarta Stock Exchange (JSX) will occupy its
new building on Jl. Sudirman, South Jakarta, early next year and
later introduce scripless (paperless) trading at the end of the
year, says a senior official of the exchange.

Achmad Daniri, director of trading, said here yesterday that a
series of training programs have been arranged for the exchange
members to prepare for the automation of the trading system.

"We hope the computerization can be fully implemented by the
time we move to the new building," he told securities brokers and
dealers in a meeting.

During yesterday's meeting, JSX officials explained the
technical aspects to the securities brokers and dealers of the
new trading system, which has a capacity for handling 50,000
transactions per day and for carrying out 40,000 buy and sell
orders per hour.

The present manual system is only capable of handling 3,800
transactions per day.

He described the operation of the automated trading system as
a spectacular change in the technology of stock trading
activities in Indonesia.

Daniri said that the exchange will maintain its trading floor
despite the fully automated market to secure the continuity of
the trading.

"The trading floor will be used if there is an interruption in
the automated trading system," said Daniri of his reason for
preserving the traditional trading system.

Daniri said that a trial operation of the fully automated
trading system will be carried out as soon as January of next
year.

The new JSX office will be located at the Jakarta Stock
Exchange Building at the gateway of the Sudirman Business
District, which is now under development at the Semanggi
interchange in the heart of the city. The construction of the
high rise building will be completed next month.

Daniri said that the new trading system will be integrated
into the computer terminal of PT KDEI, a company which handles
the clearing, settlement and depository service of the stock
market.

The automation of the trading system will use Hewlett Packard
(HP) 9000 computer hardware, while its software will be the
Automated Securities Trading System (ASTS) developed by the
Financial Software Development Company of Hong Kong. (hen)